Cairo – Mubasher: The ordinary general meeting (OGM) of Egyptian Gulf Bank (EG Bank) approved, on 19 March, the distribution of cash dividends for 2022.

The cash dividends will be disbursed over two instalments, according to a bourse filing.

The first tranche stands at EGP 250.25 million, equivalent to 5% of the bank’s paid-up capital. Meanwhile, a total of EGP 128.61 million will be paid to shareholders in the second issue.

Last February, the bank’s board members proposed a dividend distribution of EGP 0.35 per share for 2022.

During the January-December 2022 period, EG Bank witnessed an annual surge in consolidated net profit after tax to EGP 845.83 million from EGP 695.33 million, including minority shareholders’ rights.